April jobs numbers have been released by the Bureau of Labor Statistics with promising results: 223,000 jobs were added last month and the unemployment rate clocked in at 5.4%. However, while this may be good news for job seekers, it paints a more difficult picture for employers when it comes to finding talent.
Demand is rising and supply is dwindling. With added jobs climbing back above the 200,000 line and the unemployment rate hovering around the lowest numbers we’ve seen since the Great Recession, employers who are currently hiring will likely find it even more difficult to source qualified talent. So how can hiring managers find the right professionals for their positions when so few are left in the market?
Employers will have to be innovative, competitive, and speedy about their hiring. These numbers likely mean that it will take a longer time to fill positions, which can be costly for organizations—in fact, the process of searching for, hiring, and training an employee can cost anywhere from 1.5 to 3 times that employee’s salary, and that number only grows the longer the hiring process takes.
One way to cut down on the time it takes to hire is by working through a staffing firm. Staffing agencies often have a pipeline of candidates already built up over years of experience and presence in the job market, and can help employers identify qualified individuals to begin interviews with much more quickly than they would by conducting a search on their own. These include “passive” candidates, or those not particularly looking for work at the moment—giving employers a much wider breadth of talent to connect with. Furthermore, working with a recruiting firm helps assure a certain quality of the candidates that a company interviews, which can help prevent future turnover from hiring a poor fit.
This report falls in line with predictions made in our 2015 Regional Hiring Outlook: an upturn in market health, resulting in the need for more competitive practices from employers. For more information, download the free resource here.